Scalping Signals

Hi Guys,

I'm new to forex and Forex Factroy.

I started a week ago and with $100 i went up to $1,300. But now i'm Down to -$3000.

I use to use a X200 or X400 and try get 2to5 pips off a trade and close it.
But then for example if i Bought USD/JPY it would Just all of the sudden shoot down 30 pips and i would never get my money back and virsa versa.

Is there any good Scalping Strategies that work? and any tips on how to avoid these sudden spikes or reversals??

Thanks

That's a neat trick, $100 up to $1300, then down to -$3000! Where did the other $2900 come from?

Forget scalping unless you know what you're doing, even then it's not easy.

If you're not reading the market and trade straight in to a serious move, at least cover yourself with a stop or TS!

The other $2900 Came from my bank account school fees i guess.

What is the best charting software to use preferablly free??

Thanks

Metatrader for me!

Ok, so $100 to -$3000 in a week. Maybe look up 'money management' would be my suggestion!

Any body know the best way to get 15 pips per day stress free??

Yes, exactly, it's the spikes or trending market that'll get you when you scalp. Believe you me, the profit is fake and the loss is real.

Your words sound similar to my experience: At forex for a year, demo-only about eight months, baseline earnings usually around ten pips and 50-400% each account before rewriting technical or psychological method for next account for next account 4-10 times a week. Once about five months ago, I did just over 1000% in 17 hours with same amount of money and margin. (Demo, at times, can be close to real in effort; I did real in stocks for a decade (and did much worse than you, only slowly which exacerbated the problem.) The reason I did well that once was because I started hitting regular amounts of pips -- you know, amounts you can add a stop to, like 35 or 75. The technical method I was using failed, eventually, I'd guess because it was only good in a ranging market.
That's where I'm at, trying to break the glass ceiling again and, this time, stay in the market in ranging and in trending markets and still include the fastest pips.

One thing I did differently than you, that may help you, was artificially close my account if I ever dropped my balance below one third of the original amount; this is where I declared I had "lost my account". The way I believed it, and was able to actually keep it at one third of account loss and not 50 or 75% of account after a good while (several months, as I recall), was that the little time I traded forex for real I had recieved several margin calls, and each one happened at approximately one third of my (FX CM Mi cro) account. This belief sustained me; I'm sure the reality is different, a bro ker can cut you off anytime they want.
With this belief, I even ventured into keeping free margin above water, which was fun only it doesn't have much to do with an absolute loss.

Of course, you may have a bad bro ker who breaks newbies. I doubt that's the real problem, even if it's true. The real fault lies in too much good: The amazing amount of margin one gets, the innumerable opportunities for a viable trade almost every day, and the wide berth for error with in-trade drawdown.

My goals are to continue artificially reducing the absolute loss per account before I scrap my technical method, now that I read my own words. Eventually, I hope to settle on a technical method that handles very small trades and does well in ranging and trending markets. Consistent break-even would be nice, if boring.

Whether or not I break the glass ceiling of 2-15 pips, that's to be seen. The difficulty is to lose that 30 pips you noted and still be in the game with a small absolute loss to your account. If you expect, with your technical method, to lose that much, you'll definitely have to change from scalping.

Scalping is tough, especially if your technical method can lose ten times the number of pips you profit. One good thing is, you could scalp that 30 pips instead of the 2-5 pips with the proper technical method.